The Majority Leader’s Office is now sending a weekly e-mail highlighting economic statistics and news that Members can use as they discuss the state of the economy and how House Democrats are working to spur economic growth, support job creation, and raise wages for the people.

QUOTE OF THE WEEK: “I don’t think the expectation is for a major [China trade] deal, but even a truce would be a significant reduction in uncertainty for a lot of businesses around the country that are sitting on the sidelines in terms of investment.” -Federal Reserve Governor Lael Brainard [CNBC, 11/20/19]

STAT OF THE WEEK: “Through last Saturday, about 1.7 million people had chosen a plan on HealthCare.gov, down about 13 percent from the same period last year, according to numbers released by the government… Part of the problem may be that the Trump administration has slashed funding for the marketing of HealthCare.gov as well as for independent ‘navigators’ who help people choose plans and enroll, according to the Kaiser Family Foundation.” [The New York Times, 11/22/19]

ECONOMIC NEWS YOU MAY HAVE MISSED

• Personal loan debt is close to what it was before the 2008 recession, raising concerns.  “Personal loans are up more than 10 percent from a year ago, according to data from Equifax, a rapid pace of growth that has not been seen on a sustained basis since shortly before the Great Recession. All three of the major consumer credit agencies — Equifax, Experian and TransUnion — report double-digit growth in this market in recent months… ‘Definitely yellow flares should be starting to go off,’ said Mark Zandi, chief economist at Moody’s Analytics, which monitors consumer credit. ‘There’s an old adage in banking: If it’s growing like a weed, it probably is a weed.’” [Washington Post, 11/21/19]
• Business activity picks up while a sluggish economy halts. “...U.S. business activity is muted compared with levels seen over the course of the economic expansion that began in mid-2009. That, in part, reflects heightened trade uncertainty that has delayed investments, particularly among manufacturers. Meanwhile, leading sectors such as automobiles and electronic components have faced specific challenges, such as tighter emissions standards.” [Wall Street Journal, 11/22/19]
• Caught in the middle of an uncertain trade war, farmers have become more financially dependent on subsidies. “This is the time of year farmers plan for the upcoming season. As the trade impasse with China continues, farmers are set to receive a second payment from the Trump administration this week for the 2019 season to offset market losses. It’s unclear whether aid for farmers will continue in 2020, but experts said more farmers are becoming financially dependent on the subsidies, and that affects how they decide to plant crops.” [USA Today, 11/20/19]